News
Tinubu piles additional $516,333,007 loan burden on Nigeria
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
President Bola Tinubu’s request to borrow ($516,333,007) five hundred and sixteen million, three hundred and thirty-three thousand, seven US dollars in syndicated financing from Deutsche Bank AG has been approved by the House of Representatives.
The Green Chamber approved the request during the plenary on Tuesday in Abuja after the presentation of a report by the deputy chairman of the House Committee on Aids, Loans, and Debts Management, Abdullahi Rasheed.
The money is expected to fund the construction of sections of the Sokoto–Badagry Super Highway.
President Tinubu wrote to the lawmakers, seeking a $516.3 million loan from Deutsche Bank to support the construction of the road.
The president said the loan, to be sourced from a syndicated financing facility by Deutsche Bank, will fund sections 1, 1A, and 1B of the project, which covers about 120 kilometres.
Tinubu requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the federal government to secure the financing for Sections 1, Phase 1A, and Phase 1B of the project.
The project is a flagship initiative of Tinubu’s Renewed Hope Agenda and is targeted at enhancing national connectivity, improving the movement of goods across key economic corridors, and drastically shrinking travel time.
The 1,000-kilometre project will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela to Badagry.
According to him, the financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
He said the Federal Government will provide counterpart funding of over ₦265 billion for land acquisition, compensation, and related infrastructure.
The former Lagos governor said the loan is structured for nine years and includes a three-year grace period.
It has an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum.
Already, the Federal Executive Council has approved the financing plan.
News
Two APC states reschedule governorship primaries
PRESS STATEMENT
The All Progressives Congress (APC) has announced the rescheduling of its Governorship Primary Elections in Bauchi State and Kwara State to Friday, May 22, 2026.
In the same vein, the party has approved a new date for the State House of Assembly Primary Elections in Maradun I and Maradun II constituencies of Zamfara State, which will now hold on Sunday, May 24, 2026.
The decision was ratified by the National Working Committee (NWC) after consultations with critical stakeholders as part of efforts to guarantee a transparent, peaceful, orderly, and credible primary election process.
The party reiterated its commitment to upholding internal democracy and ensuring the successful conduct of all primary elections ahead of the forthcoming polls.
Signed:
Felix Morka
National Publicity Secretary
All Progressives Congress (APC)
News
Abia moves closer to energy independence
The Governor of Abia State has reaffirmed his administration’s commitment to achieving energy independence and expanding access to reliable electricity across the state following a high-level meeting with the leadership of the Niger Delta Power Holding Company (NDPHC).
The governor disclosed this after receiving the Managing Director and Chief Executive Officer of NDPHC, Jennifer Adighije, alongside members of her management team during a courtesy visit to his office.
During the meeting, the governor praised the successful revival of the Alaoji Power Plant in Aba, describing the development as a major breakthrough in ongoing efforts to guarantee stable and uninterrupted electricity supply in the state.
According to him, the restoration of operations at the plant represents a critical milestone in strengthening power generation and supporting industrial growth, particularly within the Aba economic corridor.
He revealed that the Alaoji Power Plant currently dispatches approximately 375 megawatts of electricity to the national grid, while expansion plans are already underway to increase output capacity to nearly 800 megawatts, with long-term projections targeting up to 1,100 megawatts.
The governor noted that electricity remains central to his administration’s broader economic transformation agenda, stressing that sustainable power supply is essential for industrialization, job creation, healthcare delivery, education, and overall social development.
He explained that since assuming office, his government has implemented strategic reforms aimed at repositioning the power sector within the state. These reforms include the ring-fencing of the Aba industrial cluster to ensure more efficient electricity management and the ongoing process to acquire the Umuahia electricity axis of the Enugu Electricity Distribution Company (EEDC).
According to the governor, the measures are designed to place electricity generation, regulation, and distribution substantially under the control of the state government, thereby enabling faster decision-making and improved service delivery.
He expressed optimism that deeper collaboration between Abia State and NDPHC would make it possible to wheel electricity directly from the Alaoji facility to the remaining eight local government areas outside the Aba corridor.
The planned expansion, he said, would ensure that homes, schools, hospitals, and industries across the state gain access to reliable and affordable power supply.
The governor further emphasized that improved electricity infrastructure would significantly boost economic productivity, attract investors, strengthen small and medium-scale enterprises, and enhance the quality of life for residents.
Reaffirming his administration’s vision, he declared that Abia State is prepared to lead Nigeria’s push toward subnational energy independence through strategic partnerships, infrastructure investments, and sector reforms.
He added that the state government remains committed to building a power ecosystem capable of driving industrial production, supporting innovation, and sustaining long-term prosperity for the people of Abia.
News
Obidient Movement ex mobilization director apologises to Obi, supporters
-
News9 years agoThese ’90s fashion trends are making a comeback in 2017
-
Entertainment9 years agoThe final 6 ‘Game of Thrones’ episodes might feel like a full season
-
News9 years agoAccording to Dior Couture, this taboo fashion accessory is back
-
Business9 years agoThe 9 worst mistakes you can ever make at work
-
Sports9 years agoPhillies’ Aaron Altherr makes mind-boggling barehanded play
-
Entertainment9 years agoThe old and New Edition cast comes together to perform
-
Business9 years agoUber and Lyft are finally available in all of New York State
-
Entertainment9 years agoMod turns ‘Counter-Strike’ into a ‘Tekken’ clone with fighting chickens
